22 FEBRUARY 2025 WorldWide Drilling Resource® Drilling Into Money Not Boring by Mark E. Battersby Finding the Right Tax Pro When a drilling operation or business has outgrown tax preparation software or feels it would be better served by another tax return professional, the question is: How do you find a good - and affordable - tax professional? Among the various types of tax professionals are accountants, certified public accountants (CPAs), Enrolled Agents (EAs), attorneys, and others without a professional credential. EAs, CPAs, and attorneys can represent the business in the front of the Internal Revenue Service on audits, payments, collection issues, and appeals - should it come to that. In many cases, the tax professional hired should be able to do more for the drilling operation than preparing its tax returns. The professional should work throughout the year tracking income and spending to ensure the operation doesn’t have a cash flow problem. Asking someone within the industry who they recommend can be helpful for finding a tax professional well-versed in the particular needs of the drilling operation. While this method is more time-consuming than a web search, it can help ensure finding a professional who is able to expertly handle the operation’s tax returns. Every drilling contractor should seek a tax professional of a like temperament, knowledgeable about their industry, and experienced enough to utilize every legitimate deduction and credit available. A lot can be learned from an interview, but tax time is busy, so long conversations may be rare. The interview should answer questions such as: • Is the tax professional’s style compatible? • How and what will be charged for the services needed? • Can the professional work with the operation’s recordkeeping, bookkeeping, or Point-Of-Sale (POS) system? • Is the tax professional available for questions or assistance other than during the tax season? • Does the professional prepare all returns, or are they delegated to staff - and how will that affect the fees charged? Always check a tax professional’s credentials. For those without professional help, or those seeking to change tax professionals, finding a professional should be more than a search for the least expensive or most convenient. Although money should never be the sole criteria for selecting a tax professional, remember it is not “tacky” to discuss fees before engaging their services. Bottom line, it should be kept in mind that regardless of the source of any advice or who prepares the drilling operation’s tax returns, it is the operation’s owner who is responsible for everything on that return. Mark Mark E. Battersby may be contacted via e-mail to michele@worldwidedrillingresource.com Foundations by: Pile Driving Contractors Association & Pile Dynamics, Inc. Deep Foundations Dynamic Testing & Analysis Seminar/Workshop March 10-12 ~ Orlando, FL phone: 904-215-4771 www.piledrivers.org Gas & Oil by: EUCI Pipeline Safety Regulations March 4 ~ ONLINE Introduction to the Natural Gas Industry, Infrastructure and Regulations March 17 ~ ONLINE phone: 303-770-8800 www.euci.com Groundwater / Water Well by: Idaho Ground Water Association Virtual Workshop March 7 ~ ONLINE phone: 208-888-0988 www.igwa.info/event/igwa-virtualworkshop/ Irrigation by: Rain Bird Academy Training March 3-7 ~ Sacramento, CA March 3-7 ~ Detroit, MI March 10-14 ~ St. Louis, MO March 10-14 ~ Salt Lake City, UT March 17-21 ~ Portland, OR March 17-21 ~ Charleston, SC March 24-28 ~ Indianapolis, IN March 24-28 ~ Seattle, WA March 31- April 4 ~ Denver, CO March 31-April 4 ~ Columbus, OH phone: 800-498-1942 E-mail: training@rainbird.com Water & Wastewater by: EUCI Solar Applications for Water & Wastewater Facilities March 4 ~ ONLINE phone: 303-770-8800 www.euci.com More education opportunities during events can be found by clicking here online at: worldwidedrillingresource.com Education Connection
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